April 29, 2019 / 5:14 AM / 6 months ago

Covestro Q1 adj EBITDA down 58 pct on lower prices

FRANKFURT, April 29 (Reuters) - German chemicals maker Covestro said core profit fell 58 percent, with product prices under pressure as rivals bolster their output.

The maker of chemicals for heat insulation foams and transparent polycarbonate plastics reported first-quarter EBITDA plunged to 442 million euros ($493.23 million), in line with the average estimate by analysts in a Reuters poll.

The former Bayer subsidiary confirmed 2019 EBITDA was likely to come in between 1.5 billion euros and 2.0 billion euros this year, down from 3.2 billion in 2018. ($1 = 0.8961 euros) (Reporting by Ludwig Burger Editing by Michelle Martin)

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